[JayMillz]

Foreign banks worldwide that fail to sign an agreement with the Internal Revenue Service by June 30, 2013 will be subject to stiff sanctions. Expats also face new requirements when filing tax returns if their foreign assets exceed $50,000.

http://www.irs.gov/businesses/corporatio...67,00.html

[chefedemaquina]

I'm coming out of retirement to work with a Brazilian company that is owned by an American company. I am required to have a Brazilian bank account, a CPF card and a Brazilian drivers license. I will be paid in Reais, into a bank in Brazil and no U.S. taxes or social security will be taken out. It's a 6 figure U.S. job. Now, does the IRS have eyes on this, because I'm American will this be reported to the IRS? I will be living permanently in Rio and Macae for at least the next 10-15 years.

[OSL]

Thank you for letting me know.

I feel like I've just thanked someone for kicking me in the balls.

[ersatz]

Any account that ever had over $10'000 USD equivalent in value in it has to be reported as an FBAR. It's been like this for years and now the IRS is cracking down hard on it. Many 'accidental americans', people who were born in america, but never really lived there are being snagged because they didn't realize they had to file tax returns with the USA. Many people are finding out that the IRS is demanding %25 of their retirement savings. It's ridiculous.

Read this article for a Canadian example:
http://m.theglobeandmail.com/news/opinio...ice=mobile